The 2024 fiscal year is gradually coming to an end, and the annual "report card" of public funds is also about to be announced. According to Wind data, as of December 25th, among the more than 10000 fund products in the market with comparable data (calculated by combining different types of shares, the same below), there are over 9500 with floating profits within the year, accounting for over 80%. More than 2800 active equity funds (including common stock type, equity mixed type, flexible allocation type, and balanced mixed type) have achieved floating profits within the year, accounting for nearly 70%. Among them, information technology has become a common area of focus for high-performance funds. With a performance gap of over 100% between the beginning and end of the fund, accompanied by the recovery of the equity market in late September, fund products have "recovered" one after another, and many funds have "regained lost ground" by the end of the year. According to Wind data, as of December 25th, among 11235 fund products with comparable data in the entire market (excluding newly established funds), a total of 9537 have had positive returns since the beginning of this year, accounting for approximately 85%. Among them, there are 234 fund products with a return rate of over 30%. Specifically, the fund products with the highest annual return rates are mainly active equity and QDII. The active equity fund, Da Mo Digital Economy, is far ahead with an annual return rate of 71.11%, making it currently the fund product with the highest return rate. In terms of bond funds, despite experiencing the volatility of the bond market since October, the overall performance level has remained relatively stable. According to Wind data, out of 4149 bond funds with comparable data (excluding bond QDII), a total of 4083 bond funds have a positive return rate, accounting for as much as 98%. Among them, 118 bond funds have an annual return rate of over 10%. The annual return rate of Everbright Medium and High Grade and Pengyang China Bond -30 year treasury bond ETF two bond bases has reached more than 20%, which are respectively hybrid bond primary fund and passive index bond fund. The size and quantity of QDII funds have also experienced strong growth this year. Data shows that among the 276 QDII products with comparable data in the entire market, 242 have a positive return rate, accounting for approximately 88%. Among them, the 9-month holdings of Southern China's emerging economies, Huabao NASDAQ Select, and Huaxia Global Technology Pioneer RMB have leading annual returns of 49.46%, 41.32%, and 39.58%, respectively. However, there are still significant differences in performance among various fund products. While 80% of the products have achieved positive returns, there are still 68 funds whose net asset value has fallen by more than 20%. Among them, the net value of products such as Jinyuan Shun'an High Quality Selection, Furong Value Selection, and Huashang Intelligent Life has withdrawn by more than 30%. Based on this calculation, the performance gap between the beginning and end of the entire market fund reached 105%. Since late September this year, the A-share market has shown a clear rebound trend, with the top ten returns of active equity performance exceeding 46%. According to Wind statistics, as of press time, the Shanghai Composite Index has risen by over 14% so far this year. At the same time, the net value of equity funds has also rebounded, with the equity mixed fund index rising nearly 4% this year. From the perspective of performance during the year, despite experiencing a volatile decline at the beginning of the year, active equity funds have generally achieved positive growth in returns in the rebound market since September. According to Wind data, as of December 25th, out of 4245 active equity funds in the market, a total of 2889 achieved positive returns during the year, accounting for approximately 68%. As of now, the top ten active equity funds with the highest return rates within the year are Da Mo Digital Economy, Yinhua Digital Economy, Caitong Prosperity Selection one-year holding, Guorong Rongsheng Leading Strict Selection, ICBC Emerging Manufacturing, Caitong Growth Selection, Caitong Craftsmanship Selection one-year holding, Caitong Smart Growth, Caitong Multi Strategy Fuxin, and China Merchants Technology Power 3-month rolling holding. Among them, Da Mo Digital Economy ranks first among all active equity products with a return rate of 71.11% within the year, followed closely by Yinhua Digital Economy with a return rate of 53.70%, ranking second among active equity products. The annual return rates of other funds are also above 46%, and the difference between them is not significant. It is worth noting that the active equity funds with the highest return rates this year are mostly small funds with a scale of less than 1 billion yuan. From the perspective of holdings, information technology has become a common heavy holding area for high-performance funds this year. Da Mo Digital Economy, which has a return rate of over 70% within the year, has 9 of its top 10 holdings in the information technology sector as of the end of the third quarter, such as Zhongji Xuchuang, Xinyisheng, Tianfu Communication, etc; Among the top ten heavily held stocks in Yinhua Digital Economy, 6 belong to the information technology sector, such as Daotong Technology, Dameng Data, Transsion Holdings, Haiguang Information, etc; Among the top ten heavily held stocks in the past year by Caitong Economic Selection, there are also 8 individual stocks in the information technology field, such as Shengyi Electronics, Shenghong Technology, Changdian Technology, etc. In terms of medium and long-term performance, data shows that a total of 875 active equity funds in the market have achieved a return rate of over 100% since their establishment, and the net value of 30 funds has increased by more than 10 times. There are also many high-performance funds that have achieved stable returns in the past three years of significant volatility. For example, Jin Yuan Shun An Yuan Qi, established in 2017, has achieved returns of 7.67%, 33.98%, and 85.70% in the past year, two years, and three years, respectively. Since its establishment, its return rate has reached as high as 368.23%; Established in 2020, Jingshun Great Wall Value Navigator has a two-year holding period with a return rate of 19.18%, 37.48%, and 47.09% in the past year, two years, and three years, respectively. Since its establishment, the return rate has been 93.42%. The regulatory authorities have repeatedly emphasized that fund managers should adhere to the concept of long-term investment and value investment, establish and improve long-term assessment mechanisms, weaken the proportion of short-term performance assessment, and provide lasting impetus for the long-term development of new quality productivity enterprises. In recent years, many fund companies have also chosen to combine short-term and long-term performance in their assessments, giving higher weight to long-term assessments. At the same time, based on the product contract and investment target setting, select appropriate assessment indicators such as excess returns, tracking errors, etc. for evaluation. Institutions have a positive outlook on the investment value of Chinese assets by 2025. Many institutions have expressed that, with the combination of positive factors such as market sentiment recovery, macroeconomic fundamentals recovery, and low valuations, they have a positive attitude towards the equity market in 2025, making Chinese assets attractive for investment. Lianbo is relatively optimistic about the prospects of the A-share market. The Lianbo China A-share Market Sentiment Index shows that sentiment in the A-share market is rapidly recovering from the bottom. From a valuation perspective, the overall valuation level of the A-share market is reasonable, and the Chinese stock market remains one of the most attractive markets in the world Zhu Liang, Deputy General Manager and Investment Director of Lianbo Fund, stated that the reform of China's capital market is beneficial for the long-term development of the stock market. If the market value management and governance structure reform can be long-term and institutionalized, it will have a good positive impact on the market, especially considering that there is still a large space for Chinese listed companies to distribute dividends. More and more companies are willing to continuously increase their dividend ratios, and their performance is relatively stable in a low interest rate environment. It is expected to attract more investors to return to the capital market, further enhancing the attractiveness of the Chinese capital market. For investment opportunities in 2025, China Europe Fund is optimistic about both consumption and technology, and is more inclined towards mass consumption, such as catering, tourism, dairy products, clothing and other commodity consumption; In the technology industry, attention is paid to new energy vehicles and lithium batteries, AI applications and hardware, robots and other fields. It believes that these industries not only conform to the strategic direction of the country's long-term development, but also have strong growth potential and technological barriers. Wang Yong, Chief Asset Allocation Officer of Jingshun Great Wall and General Manager of the Pension and Asset Allocation Department, also expressed a relatively positive attitude towards equity investment. The technology sector is the direction where the prosperity first sees a turning point. It is recommended to focus on AI applications, hardware innovation, and related fields such as independent controllability. At the same time, attention can also be paid to investment opportunities brought about by the reversal of difficulties in industries such as consumption, pharmaceuticals, new energy, and photovoltaics. Morgan Asset Management believes that the current overall valuation of A-shares is attractive. Before a more comprehensive macroeconomic recovery, high dividend and defensive stocks such as banks, energy, and state-owned enterprises may perform well, while large blue chip stocks and industry leaders may have the opportunity to attract sustained capital inflows. The market supply and demand relationship is in industries with high prosperity, such as the artificial intelligence industry chain TMT、 Industries such as lithium batteries, chemicals, and shipping are expected to provide opportunities for excess returns. (New Society)